Oil prices plunged on Monday, reaching its lowest level in the last 10 days after an increase in U.S. crude drilling production, and persisting concerns over a global economic decline. According to Reuters, U.S. drillers added 10 oil rigs last week expanding the market tendency towards oversupply. Brent crude dropped by 2.8% closing at 59.93 USD/bbl, while WTI crude was down by 3.2% settling at 51.99 USD/bbl.

The Albanian government and the local subsidiary of Royal Dutch Shell have dropped plans to search for oil in a protected area in the southern Albanian region of Gjirokaster as part of drillings in Block 4.

UK Oil & Gas (UKOG) has unveiled its plans to drill up to nine production, appraisal and exploration wells during 2019 and 2020 across its assets, located onshore UK, including the Horse Hill field, which it aims to bring into permanent production.